Paraphrase:
Section 1(1) of the Act provides that:
“If a debt bears interest and the rate at which interest is to be calculated is not governed by any other law or by an agreement or trade custom or in any other manner, such interest shall be calculated by the rate contemplated in subsection (2) (a) as at the time when such interest begins to run, unless a court of law, on the ground of special circumstances relating to that debt, orders otherwise.”
1 answer
If a debt accrues interest and there is no specific law, agreement, trade custom, or other method determining the interest rate, it will be calculated at the rate specified in subsection (2)(a) when the interest starts to accrue. However, a court may order a different interest rate based on special circumstances related to the debt.